IREDA CMD advocates for Research and Innovation to drive Green Hydrogen Growth
Deputy Prime Minister of Malaysia, Datuk Seri Fadillah Yusof inaugurated Indian Renewable Energy Development Agency Ltd (IREDA) pavilion today, October 5, 2023, at the AtoZero (Accelerate to Net Zero) ASEAN Summit, being organized from 4th to 6th October 2023 at Kuala Lumpur, Malaysia.
Chairman & Managing Director of IREDA, Shri Pradip Kumar Das, accompanied by senior officials, also graced the inauguration ceremony. He expressed his gratitude for the Deputy Prime Minister’s support and highlighted IREDA’s role and achievements in advancing renewable energy initiatives in India.
The CMD said that IREDA is committed to promoting renewable energy solutions in line with Govt. of India’s target and vision. “We are delighted to have the Deputy Prime Minister of Malaysia inaugurate our pavilion. This event provides a platform to share our expertise, establish partnerships, and contribute to the global efforts for a greener, sustainable future.”
The IREDA pavilion showcases the company’s achievements, expertise, and contributions to the renewable energy sector. It serves as a platform for IREDA to collaborate with international partners and showcase the country’s progress in renewable energy development. It offers a unique opportunity for delegates, industry experts, and stakeholders to engage in discussions, explore collaborations, and gain insights into the future of the renewable energy sector.
Further, during the AtoZero ASEAN Summit today, CMD, IREDA participated in two panel discussions: “Green Energy Financing – Addressing the Fragmentations and Bridging the Gap in ASEAN” and “Towards Hydrogen Economy: Policy Support, Value Chain Development, and Innovations Around Blue and Green Hydrogen.”
Shri Das mentioned that IREDA is expecting its Initial Public Offering (IPO) which will enable the company to augment its capital base to meet its future capital requirements and for onward lending.
Discussing the challenges faced by financiers and industry players in the evolving green financing landscape, he emphasized that the green financing landscape is constantly evolving, presenting multiple challenges that require unique solutions. These challenges span both traditional and new & emerging sectors as countries embark on their renewable energy ambitions. Industry players must navigate challenges on both the demand and supply sides, all while encouraging the growth of a robust ecosystem.
The CMD stressed the need for interventions in both the demand and supply aspects during the deliberations on the creation of a robust Green Hydrogen ecosystem. He highlighted the importance of reducing the cost of Green Hydrogen through investments in Research, Development, and Innovation. These investments aim to identify cost-effective methods for Green Hydrogen production. He also advocated for leveraging economies of scale in transportation (including pipeline and liquefaction) and storage facilities by establishing Hydrogen hubs. These hubs would promote greater utilization of infrastructure, further advancing the Green Hydrogen sector.
